New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Consistent with its pre-release at its 21 October 2022 investor day, Mainfreight (MFT) reported 1H23 PBT up +66%, and a similar increase in NPAT</li><li>As anticipated MFT’s stellar growth profile over the past two years is slowing and likely to reverse as sea freight rate pressures impact A&amp;O earnings</li><li>MFT is “confident of trading conditions for the remainder of the financial year, albeit cognisant of economic headwinds and declining sea freight rates and volumes leading into the New Year”</li></ul>

Consistent with its pre-release at its 21 October 2022 investor day, Mainfreight (MFT) reported 1H23 PBT up +66%, and a similar increase in NPATAs anticipated MFT’s stellar growth profile over the past two years is slowing and likely to reverse as sea freight rate pressures impact A&amp;O earningsMFT is “confident of trading conditions for the remainder of the financial year, albeit cognisant of economic headwinds and declining sea freight rates and volumes leading into the New Year”

Mainfreight: 1H23 Result Initial Thoughts

Mainfreight Ltd

Mainfreight: 1H23 Result Initial Thoughts